The Spirit of Saigon mega project: luxury apartments opposite Ben Thanh!”

The Spirit of Saigon mega project: luxury apartments opposite Ben Thanh!”

Masterise Homes is the developer of the prestigious “The Spirit of Saigon” project in Ho Chi Minh City. Loud Vietnam.vn The project is located in a so-called “diamond position”, directly opposite the popular Ben Thanh Market. The sophisticated project planning includes four facades along Pham Ngu Lao, Calmette, Le Thi Hong Gam and Pho Duc Chinh streets. Another striking aspect is housing prices, which are expected to reach almost VND 1 billion per square meter.

Originally launched by Saigon Glory Company Limited, a subsidiary of Bitexco Group, the total investment capital is up to USD 500 million. The construction project envisages the construction of two towers of 46 and 55 floors, which will offer a total of 214 licensed apartments and approximately 250 6-star hotel rooms. But the path to implementation was not smooth: between 2012 and 2013, the project was suspended due to financial difficulties and only resumed in 2020, although it remained inactive.

Financial challenges and transfers

To secure the necessary financial resources, Saigon Glory issued ten bonds in 2020 with a total value of VND10,000 billion. Capital was raised through both bonds and bank loans to maintain operations. Bitexco Group also pledged capital contributions and Tower A of the project to Techcombank. Despite the challenges, Ms. Truong My Lan played a crucial role in the management and transfer of the project, which was transferred from Bitexco Group to Viva Land Company in 2018 for approximately VND22,000 billion. The project was temporarily named “Pearl” before eventually returning to ownership by Bitexco Group.

One notable plan calls for Bitexco to transfer 100% of its capital contribution to Hanoi Phuong Dong Real Estate Company Limited by 2024. This strategic move is intended to help clarify the company's financial obligations and establish a new vision for the project.

Masterize Homes and its vision

Masterise Homes, a member of MASTERISE GROUP, is considered a pioneer in the development, operation and management of luxury real estate in Vietnam and beyond. The company specializes in the development of branded residences and has the largest portfolio of this type in Southeast Asia. With a strategic partnership with Marriott International, one of the world's leading hotel brands, the portfolio includes iconic brands such as Marriott, JW Marriott and Ritz-Carlton.

Masterise Homes is committed to developing exquisite real estate projects that meet the highest standards and guarantee an optimal customer experience. The projects realized include the Masteri West Heights in Hanoi and the Grand Marina Saigon in Ho Chi Minh City. The company is currently implementing other high-end projects, including the Global City in Thu Duc City.